When Catherine Livingstone saw the 580-page statement of claim alleging breaches by the bank of anti-money laundering and counter-terrorism financing laws, as well as consistent and repeated failures of risk management, it wouldn't have taken her long to realise the grave threat it posed to the reputation of the bank she has been chairing since January.

CBA's full-year results announcement were less than a week away, followed by November's annual general meeting and the threat that a second strike against the remuneration report would trigger a board spill. Also the future of the chief executive Ian Narev would have loomed large.